Egyptian Financial Supervisory Authority

Egyptian Financial Supervisory Authority

Decision No. (659) of 2017

Date: 17/7/2017

Regarding the Amendment of the Executive Regulations for Travel Insurance Abroad

Issuable and Distributable Electronically via Information Networks

Chairman of the Egyptian Financial Supervisory Authority

Having reviewed Law No. 10 of 1981 issuing the Law on Supervision and Control of Insurance in Egypt, its executive regulations and amendments,

and Law No. 15 of 2004 on regulating electronic signatures in Egypt,

and Law No. 10 of 2009 on regulating supervision over non-banking financial markets and instruments,

and the Statute of the Egyptian Financial Supervisory Authority issued by Presidential Decree No. 197 of 2009,

and the Authority's Board of Directors Decision No. (122) of 2015 on regulating the electronic issuance and distribution by insurance companies of certain standard insurance policies via information networks,

and the Authority Chairman's Decision No. (749) of 2016 on technological controls and information security rules related to the electronic issuance and distribution by insurance companies of certain standard insurance policies,

and Decision No. (730) of 2017 on the executive regulations for standard insurance policies issuable and distributable electronically via information networks,

and the memorandum of the Content and Electronic Transactions Committee for Insurance and Reinsurance Companies dated 16/7/2017,

In this regard,

Decided

(Article One)

The phrase "In all cases, the value of the policy shall not exceed fifty thousand US dollars or its equivalent in any other currency" shall replace the phrase "In all cases, the value of the policy shall not exceed five hundred thousand Egyptian pounds or its equivalent in any other currency" appearing at the end of paragraph (1) of Item Three [Executive Regulations for Travel Insurance Abroad] of the Executive Regulations for Standard Insurance Policies Issuable and Distributable Electronically via Information Networks under the Authority's Decision No. 730 of 2017, referred to above.

(Article Two)

This Decision shall be published in the Egyptian Gazette and on the Authority's website, and shall take effect from the day following its publication date. It shall be communicated to the concerned departments for implementation.

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Chairman of the Authority

Sherif Samy

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